1120 Introduction: C Corporations
Author: Dennis Mowrey
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Join expert, Dennis Mowrey, for an introduction course to preparing and understanding C Corporations. Dennis will provide all the necessary tools from showing how to create a Corporation and then move into a discussion of shareholders, issuing stock and start-up/organizational expenses. We will explain the differences between C-Corps versus S-Corps and LLC’s and how they are all taxed, spendfing time talking about how corporation taxes work.
One of the big items that is always asked about is why should I set up as a C-Corp and we will go through the advantages and disadvantages of this type of structure. After that we will go through the forms associated with filing Form 1120 and related schedules for C-Corporations. The last part of the class will focus on E&P Calculations and how payments are distributed to Shareholders.
Publication Date: November 2019
Designed For
This class is good for those new to C-Corporations and also is a good refresher if you have not been involved in a while with corporations and the filing of tax returns.
Topics Covered
- Defining and Forming a Corporation
- Advantages and Disadvantages of Câ€Corps
- Differences between C-Corps versus S-Corps and LLC's
- How they are all taxed, spending time talking about how corporation taxes work
- Form 1120 and Related Schedules — detailed analysis
- Tax Cuts and Jobs Act for Corporations
Learning Objectives
- Recognize the basics in preparing and understanding C Corporations
- Identify how to utilize the necessary tools
- Differentiate between C-Corps versus S-Corps and LLC's and how they are all taxed, spending time talking about how corporation taxes work
- Recognize the advantages and disadvantages of Câ€Corps
- Describe true statements regarding Form 1120 deductions
- Identify how the Tax Cuts and Jobs Act affected C Corporations
- Recognize the federal tax rate
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
